Jungle Ventures renews bets on Southeast Asia and India with $600 million fund

SINGAPORE, May 18 (Reuters) – Singapore-based Jungle Ventures has raised $600 million in a new fund backed by new and existing investors including Temasek, the latest venture capital firm to target more money on investments in Southeast Asia and India.

Fundraising for Jungle Ventures’ fourth-largest regional fund comes amid a tech boom that accelerated as more consumers moved online during the COVID pandemic. -19.

“We’re sitting on the beginning of a 10, 20, 30-year secular digitalization trend,” said Amit Anand, founding partner of Jungle Ventures, highlighting changing consumption patterns and adoption of online platforms. by small and medium-sized enterprises.

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The decade-old company, which claims to be the first Singapore-based independent venture capital firm to invest in Southeast Asia and India, said it increased the fund due to strong demand after an initial target of $350 million.

The first closing of the fund took place in September. More than half of the commitments for the latest fund came from existing backers, including the International Finance Corporation and Dutch development bank FMO, Jungle Ventures said in a statement.

The rest came from new backers such as Mizuho Bank, global private markets investor StepStone Group (STEP.O) and numerous family offices, Anand said.

Despite a sharp decline in stock markets this year, particularly in tech companies, companies with high margins and solid businesses would still attract investor interest, he said.

“In the current environment, it’s going to get tougher over the next 3-4 months for both investment funds and founders. But I think it’s a short-term blow,” said Anand to Reuters.

He expects investor interest in technology companies, including IPOs, to pick up towards the end of the mid-year.

Jungle Ventures expects to make only 15 to 18 total investments from the fund, Anand said, adding that B2B financial technology companies and education technology companies were among those with strong opportunities.

“It’s a very focused and very compelling investment strategy that we’ve had in place over the last 10 years,” Anand said. The portfolio is evenly split between companies based in India and Southeast Asia.

The $600 million includes $450 million in the main fund and $150 million in additional managed commitments. Jungle Ventures raised $240 million in its third fund in 2019.

Jungle Ventures’ portfolio of 60 companies includes Indian home improvement company Livspace, Thai e-commerce startup Pomelo Fashion, and Kiotviet, a marketplace platform for small and medium-sized businesses.

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Reporting by Anshuman Daga; Editing by Alexander Smith

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